1 / 33

Addex Pharmaceuticals Investor Presentation May 2010

Addex Pharmaceuticals Investor Presentation May 2010. Disclaimer

palti
Download Presentation

Addex Pharmaceuticals Investor Presentation May 2010

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Addex PharmaceuticalsInvestor PresentationMay 2010

  2. Disclaimer These materials do not constitute or form part, or all, of any offer or invitation to sell or issue, neither in the United States of America nor elsewhere, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of Addex Pharmaceuticals Ltd, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Addex Pharmaceuticals Ltd, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. Addex Pharmaceuticals Ltd disclaims any obligation to update these forward-looking statements to reflect future events or developments. These materials are strictly confidential and must not be disclosed or distributed to third parties.

  3. The Company • Goal: allosteric modulators for human health • Focus: CNS, metabolic disorders, inflammation • Proprietary allosteric modulator discovery platform • 15 discovery/development programs • Pharma validation • Partners: Johnson & Johnson and Merck & Co., Inc. • Investors: SR-One (GSK) and Roche Venture Fund • 138 staff / founded 2002 in Geneva, Switzerland

  4. Financials • Cash for operations through end of 2011 • CHF76.6 million (€52m/US$71m) at end of 2009 • Market cap (30 Apr): CHF67.5m (€47m / US$62m) • SIX Swiss Exchange: ADXN (ISIN:CH0029850754) • 5,871,242 shares outstanding as of Dec 31, 2009 • Five analysts covering:

  5. Proprietary Platform Revenues Platform Revenues * and undisclosed indications • Addex has received partnering revenue every year since 2004 • All three partnerships are fully funded by our partners • Potential for up to about $1 billion in milestones plus royalties

  6. Start Ph II 4Q10 Parkinson’s Disease Levodopa Induced Dyskinesia (PD-LID) ADX48621 mGluR5 NAM Dystonia Start Ph IIa 4Q10 ADX48621 mGluR5 NAM ADX71149 mGluR2 PAM Schizophrenia Ortho-McNeil-Janssen Pharmaceuticals, Inc. Not disclosed funded & developed by OMJPI* Anxiety Ortho-McNeil-Janssen Pharmaceuticals, Inc. ADX71149 mGluR2 PAM Not disclosed funded & developed by OMJPI* ADX71943 GABA-B PAM Start Ph I 4Q10 Osteoarthritic Pain Schizophrenia‡ ADX63365 mGluR5 PAM Merck & Co., Inc. Not disclosed funded & developed by Merck ADX68692 FSHR NAM Start Ph I 1Q11 Endometriosis / Benign Prostatic Hyperplasia CNS Alzheimer’s / Depression mGluR2 NAM Parkinson's Disease‡ Merck & Co., Inc. mGluR4 PAM funded by Merck Depression / Post Traumatic Stress Disorder mGluR7 NAM Sleep Disorders Orexin 2R NAM MetabolicDisorders Type II Diabetes GLP1 PAM Type II Diabetes GIPR PAM Inflammation Rheumatoid Arthritis, Psoriasis, Alzheimer’s, Multiple Sclerosis TNFR1 (CD120a) NAM Psoriasis, Osteoarthritis A2A PAM IL1R1 (CD121a) NAM Gout, Type II Diabetes NAM = negative allosteric modulator (an inhibitor) ‡ and undisclosed additional indications PAM = positive allosteric modulator (an activator) * Ortho-McNeil-Janssen Pharmaceuticals, Inc., a Johnson & Johnson subsidiary

  7. ADX48621 Overview • Phase I completed • Three studies: SAD, MAD, gender & food effects • 110 patients treated to date, including older volunteers • Safety & tolerability justify further clinical study • Differentiated • Only product shown to reduce dystonia in MPTP model • Chemical series unrelated to other mGluR5 NAM • Unique metabolic profile • NCE patents valid through 2025 in most territories • Unrelated series of backup molecules in clinical candidate selection

  8. **p<0.01, ***p<0.001 versus vehicle group ADX48621 efficacy in HIC model • Haloperidol induced catalepsy (HIC) is a preclinical model of PD • ADX48621 dose-dependently reversed HIC in 3 independent experiments • MTEP mGluR5 antagonist is well documented to work in the HIC model • ADX48621 effects in HIC model suggest • It should be tested further as a potential drug for PD • It has potential to be a dopamine sparing agent

  9. MPTP model of PD-LID What is the MPTP Model? • MPTP (1-methyl-4-phenyl-1,2,3,6-tetrahydropyridine) • Neurotoxin destroys dopaminergic neurons • Symptoms similar to PD, treatable with levodopa • MPTP monkeys develop levodopa induced dyskinesia (LID) • MPTP PD-LID model is predictive of efficacy in humans • AFQ056 (mGluR5/Novartis) showed efficacy in MPTP PD-LID model • AFQ056 showed efficacy in Phase IIa PD-LID trial

  10. ADX48621 MPTP Study Design • ADX48621 or vehicle administered 30 min prior to levodopa • Behavioral assessment began upon levodopa administration • trained observers performed video review • dyskinesia & disability scoring (first 10 min of every 30 min for 2hrs) • lower scores (left axis) indicate fewer symptoms/disability • dyskinesia symptoms are side effect of levodopa • disability is a measure of Parkinson’s disease severity

  11. Disability Dyskinesia + levodopa ADX48621 does not reduce levodopa efficacy ADX48621 dose-dependently reduced dyskinesia (chorea + dystonia) ADX48621 efficacy in MPTP model ADX48621 reduced dyskinesia without compromising levodopa efficacy

  12. Chorea Dystonia Dystonia = sustained muscle contractions (e.g. cramps) Chorea = involuntary movements (e.g. trembling) ADX48621 efficacy in MPTP model ADX48621 is the first drug-candidate known to have efficacy on dystonia

  13. ADX48621development plan • PD-LID: Study ADX48621-201 • U.S. & EU Phase II trial in about 140 PD-LID patients • Double-blind, placebo-controlled, two doses of ADX48621 • 6 weeks treatment • Endpoints: multiple instruments (in consultation with KOLs) • Start 4Q2010 • Report data 2H2011 • Dystonia: Study ADX48621-202 • EU Phase IIa trial in about 32 dystonia patients • Double-blind, placebo-controlled, two-way crossover (two dose groups) • 2 week treatment period • Endpoints: multiple instruments (in consultation with KOLs) • Start 4Q2010 • Report data 2H2011

  14. ADX48621Commercial Potential • Levodopa induced dyskinesia (LID) and dystonia are an unmet medical needs • 40% of Parkinson’s disease (PD) develop LID • no drugs specifically approved for PD-LID • growing unmet medical need • PD-LID/dystonia is a faster path to market than PD • Addex can retain co-promotion rights • treated by specialists • geographic split possible • mGluR4 PAM & mGluR2 NAM represent potential additions to future neurodegenerative disease franchise

  15. ADX71943 • ADX71943 is a gamma-aminobutyric acid subtype B (GABAB)receptor PAM • Clinically/commercially validated mechanism • generic GABAB agonist, baclofen, is marketed • other orthosteric GABAB agonists are clinically validated • ADX71943 is differentiated • ADX71943 is the only allosteric modulator of GABAB in development • Demonstrated analgesic effects in three preclinical pain models • Potential for chronic pain (e.g. osteoarthritis) and other indications • Phase I to start 4Q10 • ADX71943 is available for partnering

  16. Analgesic-like effect in the writhing test of oral ADX71943 in mice 22 25 20 18 20 * 16 * * vehicle ADX71943 Baclofen 14 * 15 * * * * 12 ** *** *** 10 *** * Withdrawal Threshold Vehicle 10 ** ** +++ 8 1 mg/kg ADX-71943 3 mg/kg ADX-71943 6 Number of writhes 5 10 mg/kg ADX-71943 Experiment 1 4 Baclofen ADX71943 Experiment 2 30 mg/kg ADX-71943 Experiment 3 2 30 mg/kg Naproxen Experiment 4 0 0 non-CFA CFA 1 hr 2 hr 0.3 1 3 10 30 100 3 Time post-dose (hr) mg/kg mg/kg *p<0.05, **p<0.01, ***p<0.001 vs. JQ-02 vehicle; +++p<0.001 vs. 1%CMC vehicle ADX71943 caused a dose-dependent reduction of acetic acid-induced writhing in mice with a minimum effective dose between 3 and 10 mg/kg p.o. ADX71943 analgesic-like effects in preclinical models Analgesic-like effect of ADX71943 in the CFA* model in rats after oral administration ADX71943 caused a dose-dependent increase in the withdrawal threshold in the CFA induced mechanical hypersensitivity test in rats, with a minimum effective dose of 10 mg/kg p.o. *CFA = Complete Freund's Adjuvant

  17. Roles of FSH/LH Females • FSH involved in folliculogenesis • maturation of follicles • estrogen production • LH triggers ovulation, progesterone Males • FSH supports spermatogenesis • LH stimulates testosterone production ADX68692 Status • ADX68692 is a follicle stimulating hormone receptor (FSHR) NAM • Orally available non-steroidal molecule with drug-like characteristics • In late preclinical development • ADX68692 is available for partnering Preclinical Data & Potential Indications • Statistically significant reduction in testosterone & prostate weight • Benign prostatic hyperplasia (BPH) • Statistically significant reduction in estradiol • Endometriosis

  18. Partnered Programs

  19. Agreement With Ortho-McNeil-Janssen Pharmaceuticals, a Johnson & Johnson subsidiary Utilize Addex platform to identify & develop orally available mGluR2 PAM J&J funds collaboration on discovery & lead optimization J&J funds & performs preclinical and clinical development Addex sits on oversight committees ADX71149 Terms • €3 million upfront • Research funding to Addex during discovery collaboration (2005-2007) • Undisclosed milestones upon completion of clinical and regulatory milestones • Undisclosed royalties

  20. ADX71149 Progress to Date • Collaboration generated clinical candidates • €4.2 million in R&D funding between 2005-2007 • Comprehensive Ph I program started in June 2009 • €1 million milestone paid upon initiation of Phase I • Multiple Phase I trials in healthy volunteers • Phase IIa program expected to start in 2010 • subject to successful Phase I & regulatory approvals • schizophrenia • anxiety Note mGluR2 PAM is a high priority • mGluR2 activation is clinically validated in anxiety & schizophrenia* • J&J markets Risperdal (~$5 billion/yr) * Nature Medicine 2007: http://bit.ly/bbnsyQ

  21. ADX63365 Terms • $22 million upfront • $680 million in milestones • Undisclosed royalties Agreement • Merck & Co., Inc. licensed Addex mGluR5 PAMs in 2008 • mGluR5 PAM expected to be highly differentiated • Merck already had demonstrated mGluR5 PAM have efficacy in animal models of schizophrenia • Preclinical data show efficacy for cognitive deficit (& psychosis) • Despite efficacy of marketed drugs many schizophrenia patients remain unable to learn new skills to support themselves • FDA has recognized cognitive deficit as an unmet medical need in schizophrenia • Merck is responsible for development of ADX63365 & backups

  22. Agreement Discover and develop metabotropic glutamate receptor 4 (mGluR4) positive allosteric modulators (PAM) The deal includes mGluR4 PAM leads already discovered by Addex Merck is responsible for preclinical and clinical development Addex will sit on oversight committees mGluR4 PAM Terms • $3 million upfront • $167.5 million in potential milestones • Research funding 2009/2010 • Undisclosed royalties • Option to co-promote in EU Progress • Deal signed (Dec 07) • 1st Preclinical milestone (Feb 08) • $250,000 • 2nd preclinical milestone (Jul 09) • $500,000 • Orally available mGluR4 PAM showed efficacy in model of PD • Collaboration extended (Dec 09) • Merck commits $1.8 million in research funding • Going forward all costs transferred to Merck

  23. Allosteric Modulator Discovery & Optimization

  24. Serendipity has yielded some marketed allosteric modulators. Most recent examples include: Sensipar/Mimpra cinacalcet (Amgen) Positive allosteric modulator (PAM) of calcium sensing receptor Approved 2004 treats secondary hyperparathyroidism Selzentry/Celsentri maraviroc (Pfizer) Negative allosteric modulator (NAM) of CCR5 Approved 2007 Treats CCR5-tropic HIV-1 But these molecules are hard to find! Traditional discovery tools are not appropriate. Allosteric Modulators 101

  25. Because they bind a different site on the receptor, allosteric modulators do not turn receptors on or off the way the body’s natural activators and most drugs do. Instead, they act more like a dimmer switch, offering control over the ease & intensity of (de-)activation while allowing the body to retain its natural control over initiating receptor activation via the active site (e.g. the on/off switch). Allosteric Modulation

  26. Orthosterics are steady state Biological response Natural ligand PAM + natural ligand Agonist Time NAM + natural ligand Antagonist Allostery preserves natural rhythm Natural ligand Biological response Time Allosteric Advantages • Greater specificity than orthosteric molecules – e.g. mGluRs • Can target receptors considered “intractable” or only tractable by biologics, peptides or proteins • e.g. GLP-1 • Non-competitive mechanism • Un-exploited intellectual property • Less dose related toxicity • Acts like a dimmer not “on/off” switch • Body maintains control of receptor activation cycle

  27. The Addex raison d'être • Allosteric modulators are hard to find • Industrial tools for orthosteric drugs are not appropriate • Pharma has been focused on tools for finding orthosteric drugs • Why didn’t pharma industrialize allosteric drug discovery? • Upfront investment to build allosteric drug discovery platform was high • Time to value creation was long & uncertain • Addex is industrializing allosteric modulation discovery • Proprietary assays • High throughput screening & optimization tools (compatible with 384 well plates & robotics) • Direct detection systems • proximal to target • continuous real-time observation • works for molecules (i.e. allosteric modulators) that do not activate target receptor • Allostery biased library of over 70,000 compounds

  28. Proprietary Screening AssaysG-Protein Coupled Receptors • Phoenyx • a cAMP dynamic non stop assay • FBBA (GLP1R, mGluR7) • Fluorescence-Based Binding Assay • Measures bi-molecular interactions • Proxylite (GLP1R, GIP) • Proximal & dynamic assays for functional measurements of all types of GPCRs

  29. Proprietary Screening Assaystype 1 single-pass transmembrane proteins • APRA (TNFR1) • Accessory Protein Relocalization Assays • ADX-tags series 1 (IL1R) • Proximal & dynamic assays for functional measurements • Measures activation-dependent association or dissociation of binding partners • ADX-tags series 2 (TNFR1, IL1R) • measures conformational changes that lead to activation signal • measures multimerization changes that lead to activation signal

  30. Marketed Drugs Marketed Drugs Addex Compounds Addex Compounds Allostery Biased Library in-silico analysis StructuralComparison Physicochemical Comparison Addex library and marketed drugs share the same physicochemical property space BUT Addex library occupies a unique structural space

  31. Platform Validation • Addex identified selective orally available small molecules for • Challenging GPCRs (mGluRs, GABA-B & A2A) • Peptide receptors (GLP1R, GIPR) • Cytokine receptors (TNFR1 & IL1R1) • The proof is in the pudding • Merck & Co., Inc. licensed mGluR4 PAM & mGluR5 PAM • Johnson & Johnson licensed mGluR2 PAM

  32. Summary • 15 Programs for High Value Targets/Indications • Highly differentiated allosteric mechanism • Low target related risk (i.e. mostly clinically validated targets) • Allosteric Modulator Platform • Proprietary tools + tailored library • Platform + multi-disciplinary approach are scalable • 3 Validating Partnerships (MRK/J&J) • Top Tier Investors • Cash to end of 2011

  33. Management & Boards Executive Management Laurent Galibert, Head of Inflammation Jean-Philippe Rocher, Head of Core Chemistry Robert Lütjens, Head of Core Biology Tatiana Carteret, Head of Human Resources Chris Maggos, Investor Relations & Communications Vincent Mutel, Chief Executive Officer Tim Dyer, Chief Financial Officer Charlotte Keywood, Chief Medical Officer Sonia Poli, Head of Non-Clinical Development Emmanuel Le Poul, Head of CNS Board of Directors André J. Mueller,Chairman Vincent Mutel,Vice Chairman & CEO of Addex Andrew Galazka, SVP Scientific Affairs, Merck-Serono Ray Hill,former Head of EU Licensing, Merck & Co., Inc. Vincent Lawton,former MD of Merck Sharp & Dohme U.K. Beat E. Lüthi,CEO of CTC Analytics Antoine Papiernik,Sofinnova Partners Scientific Advisory Board George F. Koob,Ph.D., Chairman Bernhard Bettler,Ph.D. Arthur Christopoulos,Ph.D. Patrick M. Sexton,Ph.D. Mark A. Geyer,Ph.D. Barbara J. Mason,Ph.D.

More Related